Mizuho Securities USA LLC Purchases 8,238 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mizuho Securities USA LLC raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 46.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,994 shares of the software maker’s stock after buying an additional 8,238 shares during the quarter. Mizuho Securities USA LLC’s holdings in Cadence Design Systems were worth $7,810,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Raymond James Financial Inc. bought a new position in Cadence Design Systems during the fourth quarter worth about $171,991,000. Principal Financial Group Inc. boosted its holdings in Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after buying an additional 501,833 shares during the period. Manning & Napier Advisors LLC purchased a new position in Cadence Design Systems in the 4th quarter valued at approximately $148,594,000. Proficio Capital Partners LLC bought a new stake in Cadence Design Systems during the 4th quarter valued at $129,546,000. Finally, Jensen Investment Management Inc. purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth $126,571,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CDNS shares. Loop Capital reduced their price target on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Redburn Atlantic initiated coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. Bank of America cut their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Oppenheimer lowered their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research note on Wednesday. Finally, Rosenblatt Securities raised their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $324.83.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value of $198,146.00. Following the transaction, the vice president now owns 59,311 shares in the company, valued at $18,080,365.24. This trade represents a 1.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,021 shares of company stock valued at $31,229,155 over the last quarter. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $262.42 on Friday. Cadence Design Systems, Inc. has a 52-week low of $230.09 and a 52-week high of $328.99. The company has a fifty day moving average of $278.01 and a 200-day moving average of $283.98. The company has a market capitalization of $71.93 billion, a P/E ratio of 67.98, a P/E/G ratio of 3.88 and a beta of 1.05. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. As a group, equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Cadence Design Systems Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.